Equity Mutual Fund Inflows Fall 14% MoM To ₹24,028 Crore In January: AMFI

Equity mutual fund inflows declined 14% month-on-month to ₹24,028 crore in January 2026, compared with ₹28,054 crore in December 2025, according to monthly industry data published by the Association of Mutual Funds in India (AMFI) on February 10.

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Even though these equity-oriented schemes were moderated, these schemes continued to attract investors. AMFI data revealed that as of January 31, 2026, open-ended equity-oriented schemes managed assets worth ₹34.86 lakh crores. This figure was higher compared to the amount managed by open-ended debt-oriented schemes, which stood at ₹18.90 lakh crores.

Overall Mutual Fund Flows Turn Positive

The mutual fund industry returned to net inflows in January after witnessing outflows in December. Total industry inflows stood at ₹1.56 lakh crore during the month, primarily supported by strong inflows into debt schemes, AMFI data showed.

Debt-oriented mutual funds recorded net inflows of ₹74,827 crore in January, reversing outflows of ₹1.32 lakh crore seen in December. Hybrid schemes attracted ₹17,356 crore, while other schemes, including exchange-traded funds, recorded inflows of ₹39,955 crore. Solution-oriented schemes saw net inflows of ₹341 crore during the month.

Equity Funds See Moderation Across Categories

Within equity-oriented schemes, net inflows eased for the second consecutive month. Equity funds had recorded inflows of ₹29,911 crore in November and ₹24,690 crore in October, according to AMFI.

Flexi-cap funds were still the biggest contributor among equity categories, bringing in ₹7,672 crore in January, down from ₹10,019 crore in December. During the same time period, inflows to mid-cap funds dropped from ₹4,176 crore to ₹3,185 crore, and inflows to small-cap funds dropped from ₹3,824 crore to ₹2,942 crore.

In January, large-cap funds saw their inflows rise to ₹2,005 crore from ₹1,567 crore in December. This was the highest level since September 2025. After a few months of low activity, sectoral and thematic funds also saw their inflows rise to ₹1,043 crore. Equity-linked savings schemes (ELSS) continued to see net outflows of ₹594 crore, which has been going on for several months.

Debt Funds And Gold ETFs Drive January Momentum

The recovery in debt funds was led by short-term categories. Overnight funds attracted ₹46,280 crore, while liquid funds recorded inflows of ₹30,682 crore in January, reversing outflows of ₹47,308 crore in December. Money market and low-duration funds also reported net inflows, AMFI data showed.

Gold exchange-traded funds recorded strong inflows of ₹24,040 crore in January, more than double the ₹11,647 crore seen in December and significantly higher than ₹3,742 crore in November. The data indicates sustained investor allocation to gold-backed products during the month, according to AMFI.